ADARx Pharmaceuticals sets terms for $350 million Nasdaq IPO (ADRX)
As seen on the 24/7 Wall St. homepage on September 21, 2026.
ADARx sets $15-$17 range for $350 million Nasdaq IPO
ADARx just put a number on its RNAi debut: 21.875 million shares at $15 to $17, or roughly $350 million at the midpoint, with J.P. Morgan and Morgan Stanley leading. That makes it one of the largest biotech listings to set terms this year, and pricing is the next step.
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ADARx Pharmaceuticals has filed an amended S-1 with the SEC setting terms for a Nasdaq debut sized at roughly $350 million at the midpoint, placing it among the larger biotech listings to set terms this year.
The deal sits in the RNA interference space, a therapeutic modality that has drawn substantial institutional interest as RNAi drugs have advanced from experimental platforms into commercially approved medicines. A raise of this scale is a meaningful public market statement about demand.
J.P. Morgan and Morgan Stanley are leading the books, a pairing that typically reflects meaningful institutional interest sounded out ahead of the formal roadshow. The quality of the syndicate will matter as investors weigh how much risk appetite remains for early-stage biotech in the current environment.
Pricing is the next concrete milestone. Until a final price is set, the $15 to $17 range is the company's best current read on where institutional buyers will clear the deal, and any move above or below that band at pricing will be the first hard signal of genuine market conviction in ADARx's RNAi story.